Samsung to unveil next-gen foldable Galaxy Z phones

SEOUL, June 8 (UPI) -- Samsung Electronics announced it will be unveiling a line of new foldable phones next month in Seoul.

As in the previous years, the company is expected to introduce the latest versions of its flip-type and book-type models, dubbed Galaxy Z Flip 5 and Galaxy Z Fold 5, respectively.

For the first time, the Galaxy Unpacked event is set to be held in its home city of Seoul. Past events had been hosted in New York, London, Berlin and Barcelona.

Samsung is trying to fend off renewed competition from global competitors who are trying to unseat it from its position as the industry leader.

Foldable phones were first introduced to the world in 2019 by Samsung. Since then, various handset makers have leaped into the segment, including Motorola, which launched the Moto Razr earlier this year.

The global foldable phone market has been expanding rapidly. Consultancy International Data Corp. said in its March report that worldwide shipments of foldable phones could reach 21.4 million units in 2023, up more than 50% from 2022.

Business tracker Counterpoint Research calculated that Samsung Electronics accounted for more than 60% of this fast-growing market last year, followed by Huawei and Oppo.

"The flip/foldable category embodies Samsung's philosophy of delivering breakthrough innovation that pushes boundaries and helping reshape the future of mobile experiences," Samsung President Roh Tae-moon said in a statement.

"Hosting Unpacked in Seoul holds great significance in that it is home to our company and also that it is emerging as the epicenter of innovation and culture for mobile solutions including foldable phones," he said.

Samsung was close to being in the red during the first quarter due to weak memory chip market, but with brisk sales of smartphones, the company managed to remain profitable.